Archer Market

[Breadburner]

He's not a very good business man....

[DowntownDan]

Sounds like the options:
1. Blake poorly managed funds when he was trying to start Archer Market, and the new owners went ahead and opened a business that was short on cash but didn't really care for almost a year.
2. The business didn't work out as expected and the owners want to blame someone.

My money's on the latter, but I guess we'll just have to wait and see how this pans out.

[BKDotCom]

From reddit:

I heard a few weeks ago that Joe mommas was to be bought by another local pizza place...

apparently that rumor is rubbish..   the modified rumor is that Andolini's is going in downtown?

[saintnicster]

From reddit:
apparently that rumor is rubbish..   the modified rumor is that Andolini's is going in downtown?

Doubt that.  Last I heard was that there was going to be an Ando's South, but don't remember where.

[Cats Cats Cats]

From reddit:
apparently that rumor is rubbish..   the modified rumor is that Andolini's is going in downtown?

You would buy Joe Momma's to get an established brand.  They don't own the building.  So buying Joe Momma's and renaming it Andolini's wouldn't make any sense.

[BKDotCom]

You would buy Joe Momma's to get an established brand.  They don't own the building.  So buying Joe Momma's and renaming it Andolini's wouldn't make any sense.

I doubt there's any truth to any of this... but  Andolinis   wouldn't be replacing Joe Mommas, but would be a 4th or 5th pizza option downtown  (if Domino's and Mazzios count)

[DolfanBob]

I doubt there's any truth to any of this... but  Andolinis   wouldn't be replacing Joe Mommas, but would be a 4th or 5th pizza option downtown  (if Domino's and Mazzios count)

Hey wait. How bout a Shotgun Sams Downtown? I almost feel guilty saying that.

[BKDotCom]

Hey wait. How bout a Shotgun Sams Downtown? I almost feel guilty saying that.

You didn't see the Beautiful Brands press release?
There are 10s of franchises in the works.

[DolfanBob]

You didn't see the Beautiful Brands press release?
There are 10s of franchises in the works.

Those two would go hand in hand. Good one.

[Conan71]

You didn't see the Beautiful Brands press release?
There are 10s of franchises in the works.

There aren't enough hands for the scale of face palm that requires.

[carltonplace]

Blake is way too smart to be a part of this. Sounds like the Archer Market folks are looking for someone to blame for their failure.

As I said earlier, if this was an actual Market I would have used it. 80% of the stuff on the shelves was pointless.

[cannon_fodder]

Reading the lawsuit I have several concerns for its success.

1) I don't think an investor/manager  has some kind of a heitened fiduciary duty because he a city councilor.

2) you "had a written and/or contract" that you are suing on?  In a $100,000 dispute with multiple corporate entities I REALLY hope you have a written contract that supports the suit within the 4 corners.

3) the claim is that Ewing used funds from an unherolded and admittedly failing venture to fund ventures which, at least on their face, are much more successful.  Why would the Phoenix need support from Archer?

4) Ewing has diverse investment groups in multiple business over years of operation...  While it is possible he finally got caught, it seems unlikely that investors have been fooled and/or quiet over these last 7-8 years.  A time which includes Back Alley throwing up a white flag.

5) you forgot to name Blue Ox as a Defendant.  Come on... Its on all the trays etc.


I admit to being a Ewing fan and think the suit lacks merit.  BUT... If it sticks it could ruin Blake.  If not financially, in the eyes of investors and the public, it would be bad. 

I'm going for more Ewing corn.  Never a dull moment.

[Conan71]

If funds were designated for the sole use by Archer Market/Folks and they were diverted elsewhere, Blake may have a bigger problem, as that's fraudulent use of loan proceeds.  If that's the case the Zenthoeffers are the last of his worries.  BUT...if he used existing properties/assets to secure the loan and there were no stipulations in the security agreement or the note they had to go to Archer/Folks then I just wasted a couple of minutes of my life.

Now, if the Zenthoefers were enticed into this with the understanding (written or otherwise) they had a $350K line of credit to draw on and it ended up $100K or so short, that's a problem.  If it's not in writing though, good luck proving it.  Oral contracts are worth the paper they are written on. (author unknown).

[sgrizzle]

What if the other entities had paid into Archer Market before the loan was initiated? Surely this line of credit wasn't the sole financing.

In campaigns, often candidates go out of pocket at first and then recoup once donations come in.

[Conan71]

What if the other entities had paid into Archer Market before the loan was initiated? Surely this line of credit wasn't the sole financing.

In campaigns, often candidates go out of pocket at first and then recoup once donations come in.

Essentially you are asking if Blake's other business interests had helped seed the project that he might have reimbursed them via loan proceeds?

Certainly you could do that unless the language of the note or security agreement specifically prohibited diverting the funds into anything else other than the secured property.  I'm sure that will eventually be made public as it advances forward.  Since Blake is a public figure of sorts, I suspect we will hear details as the case progresses though that could be awhile.

Here's what we do know for sure: The Zenthoeffers are claiming they were defrauded when they could not access the full line of credit they were apparently promised existed and could be used for the market.